Ditch performance management bureacracy
Abolish the annual appraisal round, everyone hates it anyway. Real performance management is better facilitated by holding meaningful career conversations with employees. Listen to their aspirations, help them to understand what the future looks like and what their part in it will be. Show how you can help them achieve their goals. They will stay longer if you can harness their active engagement and commitment. Provide clarity around targets and priorities, let them know what you expect and why, what the rewards will be, give honest feedback with the emphasis on what is working well and where to make changes, and give recognition for a job well done.
Don’t build a bureaucracy around performance management, for “A” players the real motivators are likely to be found in achievement, recognition, the inherent value of the work to the individual, responsibility, opportunities for development and advancement. I advocate an informal 360 process, focus on strengths and what can be built on them, help employees identify where they can add value and grow in their roles.
Opportunities for development – we know this is key in employee engagement, smart companies nurture a culture and environment where talent can flourish and fulfil their potential. Set up learning accounts, offer staff £500 to spend on learning interventions that suit them, give them flexibility and choice, education is never wasted. Build a social learning and networking platform with direct access to CEO and senior management team. Set up a Dragons Den style competition for ideas to improve the business and guarantee to fund the best ideas.